These are the people you name in your Will to be responsible for ensuring that your wishes are carried out. You may appoint one or more executors and they can include your spouse or partner or other members of your family, or a professional person such as a solicitor.
It is common for a family member and a professional to work together as co-executors – the family member knows you and understands your wishes while the professional has experience and specialist knowledge. Professional executors are paid fees for acting.
Make sure the executors you plan to name are happy to take on this role. Your executors can make the application for probate and administer the estate personally or they can instruct solicitors to assist.
Clients may wish to appoint the partners in Kagan Moss as executors and often appreciate this service for the independence it brings along with the expertise that we offer to personal and business issues.
What the Executors will do is
- gather together a complete list of assets including bank accounts and savings, property and personal effects
- prepare all the correct tax returns and pay all Inheritance Tax and other taxes
- sell or transfer property and other assets
- deal with the estate in accordance with the Will or, in the absence of a Will, in accordance with the law
We have assisted many clients through the Probate process and know it may be particularly difficult at a time of loss and bereavement. We can take care the detail, explaining what is important and giving advice where decisions are needed.
Executors, Guardians and Trustees
When considering the terms of your proposed Will you need to consider who you will ask to:
bear the responsibility of administering your estate (whether with or without professional help) – the executor(s);
make decisions and look after your ‘under 18’ children – guardian(s); and
administer any fund that is be held for a group of beneficiaries who are not entitled immediately to an asset or money whether because they are under 18 or are under any kind of disability or need protection.
Obviously you should ask the preferred people if they are willing to undertake this responsibility and explain what it entails.
Executors have the power to instruct a solicitor or other professional to carry out the administration of the estate (for which fees are of course payable). Clients often appoint our partners as executors in the knowledge that we understand their wishes and will ensure they are followed. We are also often appointed as trustees